The Greek debt crisis saga continues with no resolution in sight. As expected, the European leaders rejected a last-minute proposal by Alexis Tsipras, Prime Minister of Greece, requesting an extension of bailout program that expired on 30^th June and seeking a new €29.1 billion bailout package that could have covered country’s debt obligations over the next two years.

The rejection led the country to default on its €1.6 billion loan repayment to the International Monetary Fund. Greece is the first…